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Housing is the one of the
basic needs for every human being, with Food, Clothing and
Education being the other three. Housing is an important component
and a measure of socio–economic status of the people.
It is regarded as a critical sector in terms of policy initiatives
and interventions. The relevance of housing as a social need
has been long recognized, and this has influenced the innovations
and inventions made by mankind, since the Stone Ages.
Housing being the one of
the essential needs of mankind, the demand for shelter grows
in line with the increase in population and the standard of
living, hence the need of financing the purchasing of a House
came up. The importance of the housing sector can be judged
by the fact that we consider house as the best investment
and want to invest our hard earned money or saving in a house.
The need for Finance to purchase a house brought out specialized
Housing Finance Institutions. The Housing Finance Companies
(HFCs) as they are called today, have stepped up their lending
over the years contributing to the growth of the housing sector.
Their strength lies in their skills in lending exclusively
for housing sector. Such is the background of GIC Housing
Finance Ltd (GICHFL).
GIC Housing Finance Limited,
was incorporated as 'GIC Grih Vitta Limited' on 12th December
1989. The name was changed to its present name vide a fresh
Certificate of Incorporation issued on 16th November 1993.
The Company was formed with the objective of entering in the
field of direct lending to individuals and other corporates
to accelerate the housing activities in India. The primary
business of GICHFL is granting housing loans to individuals
and to persons/entities engaged in construction of houses/flats
for residential purposes. The Company carried a vision for
the future of Housing in India. And it is always believed
at GICHFL that its success and growth depends on its principles
which are ;
- To be a prominent Corporate Citizen in
promoting housing activities through customer friendly finance
schemes with in a service oriented atmosphere.
- To consolidate and grow in a competitive
environment reflecting the ethical standard of a good corporate
citizen.
- To create Wealth and Reward Share holders
The Company was promoted by General Insurance
Corporation of India and its erstwhile subsidiaries namely,
National Insurance Company Limited, The New India Assurance
Company Limited, The Oriental Insurance Company Limited and
United India Insurance Company Limited together with UTI,
ICICI, IFCI, HDFC and SBI, all of them contributing to the
initial share capital.
GICHFL has presence in 27 locations (24 Business Centers & 3 Collection centers) across
the country for business. It has got a strong marketing team,
which is further assisted by Sales Associates(SAs). It has
tie-ups with builders to provide finance to individual borrowers.
It also has tie-ups with corporates for various housing finance
needs.
Major Events in the Company's history
| Year |
Event |
| 1989 |
Company was incorporated with the
name "GIC Grih Vitta Limited". |
| 1989-91 |
The Company started its operations
from 8 locations. |
| 1991-92 |
The Company launched Employee and
Builder Scheme Housing Scheme. |
| 1992-93 |
Company's name changed to "GIC
Housing Finance Limited". Apna Ghar Yojana
was introduced by the Company. |
| 1993-94 |
The Company made a rights issue of
1:1; the capital crossed the Rs. 10 crores mark. |
| 1994-95 |
The company made its maiden IPO and
mobilized additional capital of Rs. 40 crores. |
| 1996-97 |
The Company started the process of
computerization. |
| 2003-04 |
The Company recorded an above industry
growth rate of over 40% in loan approvals, disbursements
and profitability. As a result the Company has crossed
Rs. 500 crores annual business in individual housing
loan and the total portfolio has crossed Rs. 1000
crores. |
| 2004-05 |
The company recorded an above industry growth
rate of over 40% in loan approvals, disbursements
and profitability. Rights Issue of 89,75,561 Equity
Shares at Rs. 16 in the ratio of 1 equity share
for every 2 shares held. Paid -up capital grew
to Rs. 26.93 crores.
|
| 2005-06 |
Focus on consolidation of NPA and
profitability. |
| 2006-07 |
Rights Issue of shares at Rs. 40
in the ratio of 1 equity share for every 1 share
held. |
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BOARD OF DIRECTORS
Mr.M. Sivaraman - Managing Director : Shri. M. Sivaraman is BSc (Physics) Graduate from University of Madras. He is also a Member of the Institute of Chartered Accountants of India, Member of the Institute of the Company Secretaries of India and Fellow Member of Insurance institute of India.
He Joined United India Insurance Company Ltd. as 1st level executive in 1978 in Delhi and had worked in Delhi and Chennai in various capacities including Company Secretary and Executive Assistant to CMD in the rank of DGM at Chennai. Prior to deputation to GIC Housing Finance Ltd, Shri M.Sivaraman was Deputy General Manager, in charge of Kerala operations of United India Insurance Ltd..
Mr. M. Ramadoss:
As Chairman-cum-Managing Director of New India Assurance Co.
Ltd., he has been an Additional Director of the Company
w.e.f 10th March, 2005. Mr. Ramadoss is a First Class Commerce
Graduate from Madras University and a Chartered Accountant
from the Institute of Chartered Accountants of India. He is
also a Fellow of Insurance Institute of India and an Associate
of Chartered Insurance Institute of U. K. He joined the Insurance
Industry in 1976 as direct recruit Class I Officer in New
India Assurance Company Limited and has worked in various
positions. In 2001, he was promoted as General Manager and
posted to London branch for 3 years. He returned to India
and joined Head Office in mid November 2004. He has a unique
experience of having worked in the Insurance Industry in different
parts of the country. Besides working in the Insurance Industry,
he is also a visiting faculty in National Insurance Academy,
Pune. He regularly takes classes in Company Training Colleges.
He has also written articles in magazines and he is a member
of a Working Group constituted by the Institute of Chartered
Accountants of India to finalize Accounting Guidelines for
General Insurance Companies.
Mr. G. Srinivasan: Chairman cum Managing Director, United India Insurance Company Ltd.
Shri. G. Srinivasan has assumed charge of United India Insurance Company Ltd., Chennai as its Chairman cum Managing director w.e.f. October 18, 2007.
Prior to his appointment he served as Managing director of The New India Assurance Company (TNT) Ltd., Trinidad and Tobago and as General Manger for The New India Assurance Company Ltd.
Shri. G. Srinivasan is a fellow of the Insurance Institute of India and also an ICWA graduate.
Mr. N.S.R. Chandraprasad:
has taken over as Chairman cum Managing Director of National Insurance Company, succeeding Shri. V. Ramasaamy who laid down office on 31st May 2009.
Shri. Chandraprasad joined the General Insurance industry in 1978 as an Asst. Admn. Officer of GIC of India. In 1979, he joined New India Assurance Company Ltd. In career spanning more than 30 years he has held a number of key positions in Marketing, Operations, Reinsurance, Personnel and Technical both in India and overseas. He was Managing Director of Prestige Assurance plc Lagos, a subsidiary of New India, from June 2002 to March 2006. Before joining National Insurance as CMD, Shri. Chandraprasad served as Director and General Manager of New India Assurance Company Ltd.
Mr. N.
R. Ranganathan: is an alumnus of the Presidency College,
Madras, Law College, Madras and the London School of Economics.
He joined the Indian Administrative Services in 1960 and held
many important positions. He was Secretary (Personnel) to
Government of India and Member Secretary of the Planning Commission,
Government of India.
Mr. M. K. Tandon:
Took over as Director of the Company w.e.f. 2nd September
1999. He is M. Com, LLB, Associate Part I (Insurance Institute
of India). He started his career in insurance industry in
1964. He has immense knowledge and experience in insurance
industry especially human resources for the past four decades.
He was the Managing Director of General Insurance Corporation
of India during the period between the 04th March 1999 to
04th March 2001. He has also discharged his services as the
Chairman-Cum-Managing Director of National Insurance Co. Ltd.
between 05th March 2001 to 30th September 2001.
Mr. Shivendra Tomar:
is Sr. Associate Vice President of IFCI Ltd. presently on deputation to IFCI Infrastructure Development Ltd. (IIDL) as Managing Director.
Mr. Tomar is M.Com and MBA from Aligarh Muslim University (AMU). He has 19 years of experience in financial services covering areas in Investment Banking, Commercial vehicle finance, Liability Management, Resource raising, Credit & Recoveries. Between 1992 to 2001, he has worked with Mefcom Capital Markets Ltd. and Shriram Group of Chennai. In investment banking, he handled IPOs, underwriting, organised road shows for mutual fund, and was closely associated with marketing of IPOs and various financial products. He worked for about five years with Shriram Group of Chennai in Transport finance, looking after Business operations in North Indian states as Delhi, Uttar Pradesh, Rajasthan, Haryana, and Punjab.
In the year 2001, he joined IFCI Ltd., where he worked in various departments such as Resources, Liabilities, Restructuring, Corporate advisory, Credit and Recovery before joining IFCI Infrastructure Development Ltd as Chief Operating Officer in Feb 2008. He was elevated as Chief Executive Officer, shortly after his joining IFCI Infrastructure Development Ltd. His responsibilities include management of operations of IIDL, conceptualization of new projects, execution and implementation of existing projects under the guidance of the Board.
Mr. Manu Chadha:
has been a Director of the Company since the 29th April 2002.
His academic qualifications include B.Com (Hons), FCA, LLB
and is a practicing Chartered Accountant since 1979 and is
a Senior Partner with M/s. T R Chadha & Co, Chartered
Accountants. He is also on the Board of Dena Bank, SBI Mutual
Fund and other body corporate. The Government of India has
nominated him on the Investor Education and Protection Fund.
Mr.Ashok Kumar Roy :
Mr. Ashok Kumar Roy is a B.Tech (Hons.) from Indian Institute of Technology, Kharagpur. He is also Fellow of Insurance Institute of India.
He joined General Insurance Industry as Asst. Administrative Officer in 1979 and worked with the Oriental Insurance Co. Ltd. for 29 years in various capacities as AAO, Asst. Divisional Manager, Branch Manager, Sr. Divisional Manager, Area Manager, and Deputy General Manager in the fields of various technical departments as Head of Branch Office, Divisional Office and Regional Office.
He has been member of Technical Sub Committee (Engineering) of Tariff Advisory Committee. He was closely associated in Development of Core Insurance Solution (INLIAS) and headed the core group for development of Fire & Engineering Module. He visited Sydney to attend an International Seminar on Engineering Insurance in 2001.
Mr. Roy is currently with GIC Re since June 2008 overseeing the vertical of HR & OSD group. He is the Financial Advisor for GIC Re. He is also looking after the Reinsurance Dept. for Financial Risks
Dr. R. K. Kaul:
Dr. R. K. Kaul has assumed charge as Chairman-cum-Managing Director of the Oriental
Insurance Company Limited, Delhi, w.e.f. 30th December, 2009 from Shri. M. Ramadoss,
who has joined The New India Assurance Company Limited, Mumbai as Chairman cum Managing
Director. Dr. R. K. Kaul was earlier posted as General Manager with National Insurance
Company Limited, Kolkata.
R. K. Kaul has been awarded a Doctorate in Zoology in the year 1978 and is also an Associate member of The Insurance Institute of India.
Dr. R. K. Kaul commenced his career as an Officer with the National Insurance Company
Limited (NICL) in the year 1977, and has handled various line and staff responsibilities
in various offices of National Insurance Company in Gujarat, Delhi and Kolkata besides
a stint with Kenindia Assurance Company Limited, Nairobi from 1993 to 1999.
MANAGEMENT
Mr. M. Sivaraman, CA,CS - Managing Director
Mr. P.N. Balasubramanian - Sr. Vice President
Mr. Rajib De, CA - Sr. Vice President
Mr. S. Shridharan, CS, CA, ICWAI - Vice President & Company
Secretary
Mr. Mahesh Ghagre, CA - Vice President
Mr. S. Mahishi, BE(CIVIL) - Asst. Vice President
Mr. S. Vijayramesh - Asst. Vice President
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